The EPF (Employees’ Provident Fund) has today confirmed the purchase of London office space, with a property in St. James’s Square.
The area has been known to fetch one of London’s highest rents â€“ between Â£130 and Â£140 per square foot – and EPF have purchased the property from the Irish investment property firm, D2 Private, for a reported Â£150 million.
Since allocating around Â£1 billion for investment in British property a year ago, the Malaysian government agency, which operates under the Ministry of Finance, will have purchased four properties, including this latest acquisition at 12 St. James’s Square â€“ totalling Â£634 million.
Located centrally in one of the West End’s most renowned squares, the 81,500 sq ft Georgian building was originally purchased by D2 in 2006; the Dublin-based firm then subsequently refurbished the building at a cost of Â£20 million.
Also in their current London property portfolio, EPF also own 1 Sheldon Square, Paddington Central, purchased for Â£156 million, 40 Portman Square, near Oxford Street, purchased for Â£182 million, and the commercial building, Whitefriars, located in Central London â€“ bought in a deal worth Â£148 million from Union Investment earlier on this year.
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